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LOAN PROCESS

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Buying a home may feel daunting, but when you break it down step by step; it's not as difficult as it seems.

Before you begin your home search, your first step is to seek to be prequalified for a loan.  You only need to complete a loan application with a loan officer to achieve this.  However, if you will share documentation like your paystubs and tax returns, the loan officer can complete a more comprehensive review.  This will enable them to give you better feedback as to your true potential to be approved for the loan.

FROM CONTRACT TO CLOSING

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In our internet based world, people often feel they no longer need a realtor to help them buy a home.  While it's possible to buy and sell without a realtor, they really do add value to their clients.  Seek the representation of a realtor you trust; you'll be glad you did.

Once you are prequalified and find the home you desire, you will go under contract to purchase it.  It is at this point that the loan process really begins.  Standard duration from date of file submission to closing is 22 business days.

Loan Officer (LO) Completes Loan Application, Sends Disclosures for Borrower Signature, Requests Required Documentation  
LO Assembles File, Submits to Order Out Desk for Appraisal, Title Work and Tax Transcript Orders
Order Out Desk Submits File for Processor Review, Processor Prepares File for Initial Underwriting
Underwriter Reviews and Approves, Pends, or Denies File and Returns to Processor to Work Conditions
Processor Generates Closing Disclosure & Sends to Borrower, Then Transfers File to the Closing Department
Underwriter Reviews File for Final Approval, Notes Any Remaining Conditions & Returns to Processor
Processor Submits File for Final Underwriting with All Conditional Documentation Requested
Closing Works with the Title Company to Complete Final Docs for Signature on the Closing Day
3 Days Following Borrower Receipt of the Closing Disclosure, Closing Occurs at the Title Company
Borrower Becomes a New Homeowner
Processor & LO Work to Clear Conditions, Processor Sends Copy of Appraisal to Borrower
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